Retail — Love It or Leave It

A Proactive Approach for a Tough Economy

– Don Capman, President, J.D. Associates

Well, it’s gloom and doom time again in the media. As usual, dire predictions are being made about this year’s holiday retail sales going to “hell in a handbag.” Don’t you get tired of hearing the same old thing every year from the same old media where we, as retailers, spend a fortune advertising in their publications or on their air time? What’s wrong with this picture? We pay these people thousands in advertising dollars every year, yet they continue to bite the hand that feeds them. We must all be masochists. Perhaps we should start a support group. How do the media know what the mood of the consumer will be in 3 months? The economy has been hot for years. Granted some years have been better than others, but the overall picture has been pretty rosy. Most past year predictions have been based on rather weak data and assumptions, so we really never knew about actual sales until the end of January.

Unfortunately, this year is different…. [Get the full story]

Do You Know Where Your Profits Are?

– Mort Haaz

If you’re like most retailers this is a question that is constantly on your mind, but one that rarely gets a good answer.  You work long and hard and certainly should be compensated for your efforts, but where are the profits to make that happen?

Retailers cut all kinds of costs in an effort to increase their bottom line.  One of the most frequent cuts is the cost of labor.  This is a mistake.  Your most valuable asset is your help.  You should select them with care, train them to care and compensate them so they will care.  Your staff provides the first and last impression your customers take from your store.  They also make the difference between marginal sales and exceptional sales.  Cutting your labor cost is generally not in your favor. [Get the full story]

To Advertise or Not to Advertise.That is the Question

– Rick Segel

I received an interesting e-mail and call from Sandy Brown, the Executive Director of The New England Jewelers Association. She was concerned about her retailers that have taken the attitude that business is slow and that they don’t want to spend any money to advertise or promote their businesses until the holiday season when there are customers out there that want to spend. Sandy asked, “What should I say to them to get them to do something before they start losing their businesses?” [Get the full story]